Pinnacle Financial Partners Inc Sells 800 Shares of Edwards Lifesciences Co. (NYSE:EW)

Pinnacle Financial Partners Inc reduced its stake in Edwards Lifesciences Co. (NYSE:EW) by 52.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 730 shares of the medical research company’s stock after selling 800 shares during the period. Pinnacle Financial Partners Inc’s holdings in Edwards Lifesciences were worth $48,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in EW. Avantax Advisory Services Inc. lifted its position in Edwards Lifesciences by 4.1% during the first quarter. Avantax Advisory Services Inc. now owns 6,887 shares of the medical research company’s stock valued at $658,000 after acquiring an additional 272 shares during the last quarter. M&G Plc acquired a new position in Edwards Lifesciences during the 1st quarter valued at approximately $853,000. Vanguard Group Inc. increased its stake in Edwards Lifesciences by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 52,964,394 shares of the medical research company’s stock valued at $5,061,277,000 after purchasing an additional 600,994 shares in the last quarter. Resurgent Financial Advisors LLC increased its stake in Edwards Lifesciences by 16.7% during the 1st quarter. Resurgent Financial Advisors LLC now owns 6,232 shares of the medical research company’s stock valued at $596,000 after purchasing an additional 892 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. increased its stake in Edwards Lifesciences by 10.0% during the 1st quarter. Penobscot Investment Management Company Inc. now owns 16,223 shares of the medical research company’s stock valued at $1,550,000 after purchasing an additional 1,480 shares in the last quarter. 79.46% of the stock is currently owned by institutional investors.

Edwards Lifesciences Stock Performance

EW opened at $67.76 on Friday. The company has a quick ratio of 2.89, a current ratio of 3.46 and a debt-to-equity ratio of 0.06. The company has a market cap of $39.96 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 3.74 and a beta of 1.12. Edwards Lifesciences Co. has a 52-week low of $58.93 and a 52-week high of $96.12. The firm’s fifty day simple moving average is $67.42 and its two-hundred day simple moving average is $76.37.

Edwards Lifesciences (NYSE:EW) last posted its quarterly earnings data on Thursday, October 24th. The medical research company reported $0.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.67. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.57 billion. Edwards Lifesciences had a net margin of 70.82% and a return on equity of 20.76%. The company’s revenue was up 8.9% compared to the same quarter last year. During the same period last year, the firm posted $0.59 earnings per share. Equities analysts anticipate that Edwards Lifesciences Co. will post 2.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

EW has been the topic of a number of recent analyst reports. The Goldman Sachs Group cut their price target on shares of Edwards Lifesciences from $107.00 to $91.00 and set a “buy” rating on the stock in a research note on Friday, July 26th. Citigroup cut their price target on shares of Edwards Lifesciences from $83.00 to $77.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Piper Sandler cut their price target on shares of Edwards Lifesciences from $73.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Evercore ISI cut their price objective on shares of Edwards Lifesciences from $76.00 to $70.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 1st. Finally, Truist Financial cut their price objective on shares of Edwards Lifesciences from $71.00 to $70.00 and set a “hold” rating on the stock in a research note on Friday, October 25th. Seventeen research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $75.67.

Insider Buying and Selling at Edwards Lifesciences

In other news, VP Daveen Chopra sold 1,250 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $69.95, for a total value of $87,437.50. Following the transaction, the vice president now directly owns 29,333 shares of the company’s stock, valued at approximately $2,051,843.35. This trade represents a 4.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Donald E. Bobo, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $66.77, for a total transaction of $333,850.00. Following the completion of the transaction, the vice president now directly owns 46,936 shares in the company, valued at approximately $3,133,916.72. This represents a 9.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 41,250 shares of company stock valued at $2,744,438 over the last ninety days. Corporate insiders own 1.29% of the company’s stock.

About Edwards Lifesciences

Edwards Lifesciences Corporation provides products and technologies for structural heart disease and critical care monitoring in the United States, Europe, Japan, and internationally. It offers transcatheter heart valve replacement products for the minimally invasive replacement of aortic heart valves under the Edwards SAPIEN family of valves system; and transcatheter heart valve repair and replacement products to treat mitral and tricuspid valve diseases under the PASCAL PRECISION and Cardioband names.